Huawei's profit fell 28% in 2024 as revenue increased 22% due to strategic investments.

From Yahoo Finance: 2025-03-31 08:07:00

Chinese telecom giant Huawei reported a 28% drop in net profit in 2024, with revenue rising 22% to $118.2 billion. The decline was attributed to increased investment in advanced technologies and lack of business sales. R&D spending reached $25 billion, with over a fifth of revenue allocated to it and 113,000 employees dedicated to research.

As a response to U.S. trade tensions, Huawei and other Chinese tech firms are striving to offset limited access to foreign technology. The U.S. has enforced bans on American companies doing business with Huawei, hindering its supply of computer chips and Google services for smartphones. European allies like Britain and Sweden have also restricted Huawei equipment over cyber espionage concerns.

Despite security allegations, Huawei denies posing any threat to national security. Its consumer unit experienced a 38.3% revenue increase, while automotive-related sales quadrupled. Cloud computing sales went up by 8.5%, and digital power unit sales rose by 24.4%. The company continues to diversify its revenue streams amidst global challenges.



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